The 1:00 insider was "lively". Certainly there was at least one unhappy stock holder there.

From my notes:

1) Finances - The company will have $14million at the end of December, 2009. While the budget for next year will not be finalized until the second week of November, Brian estimates something similar to this years budget ($9 million) or slightly higher. When asked about the need to go back to the market for more money, there was no clear time line given, however, it is obvious that it would be better to seek funds with more interesting news, i.e. more news than what we have currently.

2) Interest - Of the eight interested parties with confidentiality agreements with Kodiak, two will be reviewing Kodiak's results shortly. Brian indicated that Kodiak may be open to a "strategic alliance" with a bigger company, however, he indicated that nothing was likely in the short term. Brian is aware that the market is interested in gold and 85% of the resources are directed towards Geraldton.

3) Timeline - Again there was the commitment to have a 43-101 by the end of 2010 first quarter. Brian indicated that something was needed prior to the PDAC. Brian makes the good point that the market will reward a feasibility study as that takes the risk down. We asked Brian to blue sky a bit on what a mine might look like and he agreed an open pit mine is out of the question, however, since many of the good results are near the surface, if mining was to happen there would be some nice ore (cash flow) to work with early on (certainly a plus) and that the low arsenic content was helpful. Mill capacity in the area is still a question mark.

4) Drills _ Of the three drills working 1 - GM, 2- Brenbar ( now on 7th hole) and 3- Milestone to be shifted to GM for infill drilling

5) Other - New shoots southeast (page 11 & 13) look interesting however not a lot of info at this point.

I must say, Brain came under some, shall we say, "robust" questioning from one member of the assembly. These questions ranged from the high rate of burn in the previous year (Brian admitted that some expenditures (i.e. some drill relocation by helicopter) were not efficient and these were lessons learned), the number of Geo's on staff (eight -Brian explained what their function was) and how they earned their keep, to Brian's career in the mining industry. While many of the questions were fair game I'm not sure they were all put into context. It will be interesting to see what everyone else thought.

I have other notes, however, those seem to be the highlights.

Kohai